Author: Advantage One

Advantage One Credit Union has served the Downriver community since 1952. Our commitment to provide superior member service and quality products and services has remained our prime focus throughout our growth.
1952 - On January 24, 1952 the credit union's charter was approved as the McClouth Employees Federal Credit Union, serving employees of McClouth Steel Corporation.
1982 - The credit union's name was changed to Southgate Community Federal Credit Union and the field of membership was expanded to serve the families living or working in Southgate.
1991 - Our name was changed to Southgate Federal Credit Union and the city of Riverview was added to our field of membership.
1993 - The Riverview office was opened in 1993 to better serve members across our expanding field of membership.
2001 - The field of membership was expanded to include 15 Downriver communities. To better reflect the new, broader field of membership, the name was changed to Advantage One Federal Credit Union.
2003 - The Brownstown branch was opened on September 17, 2003. The branch was built to act as the new headquarters to house the growing support staff and to offer better convenience to our newly expanded field of membership.
2007 - We expanded our field of membership once again to include Taylor, Huron Township and Romulus.
2016 - We adopted a state charter and removed "Federal" from our name. We expanded our field of membership greatly to include the following Michigan counties: Clinton, Eaton, Genesee, Hillsdale, Ingham, Jackson, Lapeer, Lenawee, Livingston, Macomb, Monroe, Oakland, Shiawassee, St. Clair, Washtenaw, & Wayne.
For a complete listing of the communities we serve, please click here.

The best way to teach a child financial responsibility is by encouraging her to earn and manage money on her own. As the weather warms and summer nears, there are many opportunities for your kids to pull in some extra money.

If money-making is not on your children’s minds, you may need to direct them toward that line of thinking. The next time they ask you to buy something that’s out of budget, tell them they can earn the money to buy it themselves. As an alternative, suggest that you’ll cover half the cost if they earn the other half. Talk to them about finding a summer job, the work they can do on weekends, or suggest a one-time gig they can initiate.

In honor of Youth Savings Month, let’s take a look at 9 easy ways your kids can earn some extra cash.

1. A lemonade stand
It may be old-fashioned, but kids can bring in good money by selling cups of America’s favorite hot-weather drink. For optimal exposure, let your kids set up their stands near a local yard sale or another neighborhood event. Don’t forget to check local municipality laws to make sure your stand is completely legal.

2. Help a senior
Your pre-teen can be a huge help to a local senior while earning money on the side. Let your child run some errands, take out the trash, clean the litter box or just chat with a lonely senior. If your own parents or in-laws live nearby, speak to them about having your child help them out for payment.

3. Hold a yard saleSpring-cleaning season is the perfect time to host a yard sale on your front lawn. Let your kids be in charge by having them choose the items to feature, set the prices and run the sale. You’ll want to be available to oversee their work and to make sure the prices are fair, but let them make most decisions on their own. Take off your helicopter-parent helmet and let your kids learn lessons that will stay with them for life.

4. Do yard workIf your children are old enough to handle a gas-powered mower and can be relied upon to trim shrubs and weed gardens, let them hire themselves out to do yard work. Your neighbors will be glad to have the help, and your kids will be out in the sunshine while earning some money on the side.

5. Help with petsAre your kids animal-crazy? Let them use their penchant for pets to help people with pet-related chores. They can walk dogs around the neighborhood and offer to pet-sit for the afternoon while a neighbor is out. If your child is truly a budding entrepreneur and has the necessary skills, they can even set up a pet-grooming station out in the yard. Let them scrub the neighborhood dogs and cats, brush the hair and trim claws for some extra cash.

6. Be junior tech-supportGeneration Z kids are practically born holding smartphones in their hands. Let your kids use those skills to help some older folks who may not be as tech-savvy. They can offer to organize digital photos and create albums, assist with data entry and filling out online forms, or help a senior create a Facebook page or learn how to use a new phone or device.

7. Help a momYour child may be too young to babysit on their own, but they can offer their services assisting a neighborhood mom while she’s at home. Let your child take the kids out to the yard while mom watches from the deck, play with the kids at home while mom does laundry or help them with their summer homework while mom’s busy in the kitchen.

8. Collect recyclablesCall up a local recycling plant to find out how much they pay for every pound of recyclable materials. Then help your child gather empty bottles, cans, cardboard boxes and old newspapers to bring to the plant. You’ll be keeping the planet green and helping your child earn some pocket money at the same time.

9. Wash carsLet your child try out her car-washing skills on the family car. Once she’s got the technique down pat, have her offer the service to the neighborhood. Your neighbors will cross another weekend chore off their list and your child will be learning that hard work can really pay off.

Encourage your kids to earn their own money and you’ll be teaching them financial responsibility in the best way possible.

Your Turn:
How do your kids earn money? Tell us about it in the comments.

Q: Spring is here! I’ve cleaned out my house and now I’m ready to take on my finances. I’d love to give them a thorough cleaning, too. Where do I start?

A: It’s wonderful that you’ve decided to clean up your finances. Springtime is months after the holiday squeeze and still a while away from the pricey summer season, making it a prime time for whipping your finances into shape.

So, let’s get cleaning!

1. Dust Off Your New Year’s ResolutionsWe get it: New Year’s resolutions get stale as soon as the calendar hits February. But this was the year you were really fired up and ready to conquer the world. Why sell yourself short when your goals are actually within reach?

Use the fresh energy and renewal of spring to revisit the list of resolutions you penned back at the end of 2018. What were your budgeting goals? What were your savings dreams? Have you achieved any of those goals? If not, what’s holding you back?

Take stock of where you are financially and get back on track, moving forward and toward those goals. It’s not too late to make it happen this year!

Do it today: Dig out that paper with your New Year’s resolutions and go through your financial goals one at a time. Did you overreach? Were you irresponsible? Tweak and adjust as necessary, create a new tracking system if the existing one isn’t working, and then get out there and own those goals!

2. Sweep Out Your Monthly Budget
Now that you’ve taken stock of your resolutions, take a good look at your monthly budget.

Review your spending habits of the last few months. What are your weak spots? Where can you cut back? Have you been alotting too much money for one category and not enough for another? It’s time to take stock!

Do it today: Review your monthly budget and choose one area to trim. Create concrete and realistic steps to make that happen. For instance, try the money envelope system to keep you on track, or stick to cash-only so you don’t slip up. Your budget will thank you!

3. Freshen Up Your W-4You might be celebrating a generous tax return this year, but that only means the government has been handling some of your money all year long instead of it earning more for you. It’s almost like giving the government an interest-free loan! You could have used those funds to start investing, add to an existing emergency fund, launch a business or to save for your dream summer getaway.

Take a closer look at your W-4 so you don’t overpay in taxes again this year.

Do it today: Spend some time researching your best withholding options or ask your accountant to help you work out the numbers. Adjust your W-4 accordingly and submit it to the payroll specialists at your workplace.

4. Pile Up Your SavingsOnce you’re cutting down on your spending habits and taking home a larger check each payday, why not use the extra money to bump up your savings? You can add to an existing fund, build a new one, open a Savings Certificate or start investing. You have many great options!

Speak to an Advantage One employee today to find out about our fantastic savings options.

Do it today: After choosing a savings option, stop by [credit union] to set up a direct deposit. Each month, your money will be automatically transferred from your checking account to your new account. It’s the ultimate in set-it-and-forget-it!

5. Toss Your DebtThis spring, while you try on old, scratchy sweaters and make piles of junk to toss in the trash or sell for cash, why not get rid of your debt, too?

Debt is ugly on you. It holds you back from moving forward, keeps you in a spending trap that only gets stronger with time and clings to you like caked-on mud. Wash it all off this spring with an actionable plan to get rid of that debt for good!

Do it today: We know that paying down debt is easier said than done. But, you can do it! All you need is a plan. Review your debts and pick one to pay off first. It can be the debt with the smallest amount of total owed or the one with the steepest interest rate. Find a way to double down on your payments toward that debt. You can do it by taking on a side hustle, seeking a promotion at work or trimming existing expenses. After you’ve paid down this debt, move onto the next one. Accelerate its payoff by applying the total payment amount from your first debt to the new one – in addition to the regular payment you were making on it. Keep going until they’re all gone. It might take until next spring, but eventually, you’ll kick all of your debt to the curb!

Spring is here—it’s time to freshen up your finances so they’ll be in tip-top shape for summer!

Your Turn:How do you clean out your finances in the spring? Share your best tips with us in the comments.

Q: I love browsing my local dollar store, but I often end up spending more than I planned or regretting my purchases. Are dollar stores worth the price?

A: Dollar stores can be tremendous spending traps, but they can also be a great way to snag a bargain. It’s all in how you plan your visit.

Read on to learn how to get the best deal at the dollar store.

Before you start browsingEverything is just a buck, you say. How can you possibly go wrong?

Unfortunately, with that mindset, you might find yourself going way overboard with your spending. Before you set out for the dollar store, create a physical or mental list of what you need to purchase.

Love to throw just-for-fun products into your cart? The dollar store is a great place to do that, so exercise caution. You don’t want to blow tens of dollars on stuff you don’t really need and might never use. Establish a limit of how many of those items you can pick up on your trip before you set out. If you always find yourself pushing your self-imposed limit, only shop with cash so you’re forced to stick to your budget.

What’s hot at the dollar store …Here are some products that are great bargains at the dollar store:

School/office supplies: You won’t be able to find every item on your school supply list that’s actually worth the price, but you can load up on project display boards, tab dividers, binder clips and poster boards at the dollar store.

Kids’ activities: The dollar store is a great place to stock up on rainy-day supplies for the kids. You’ll find some great books, puzzles, craft supplies, colored papers, stickers, activity books, coloring books and more.

… And what’s notNot everything you’ll find in the dollar store is worth as much as a dollar. Plus, there are lots of things you can get elsewhere for a better price.

Cleaning supplies: The following cleaning supplies at the dollar store are either made too cheaply to be worth the price or can be bought for less in other stores: dish washing soap, tissues, toilet paper, paper towels, garbage bags, laundry detergent.

Toys: Small toys for young children that aren’t made well can quickly become choking hazards. Also, dollar-store dolls and toy cars are likely to break the day you bring them home.

Groceries: These foods can be bought for cheaper in a grocery store: pasta, soda, gum, canned goods, chocolate.

Kitchenware: Plastic cutlery from the dollar store is too cheaply made to be worth the few cents you’ll save. Ditto for disposable baking dishes. You’ll also want to stay away from can openers, knives and oven mitts, as these items need to be well made to do their jobs.

School/office supplies: The following supplies can be bought for less money and of better quality in stores like Walmart and Target: lined paper, composition notebooks, glue, crayons, markers, Post-its, pens, pencils and highlighters.

Self-care: Cheaply made soap, shampoo and cosmetics can be harmful to your skin. Don’t buy name-brand travel-size toiletries either; you can usually get tiny shampoo and soap bottles for less than a buck at big-box stores.

When it’s not a bargainWhen making a purchase at the dollar store, hold it up to this checklist. If your item fits any of these criteria, you’re better off without it:

It’s sold in tiny quantities. Often, what looks like a bargain is just a product in a really small package. Check the size on food items and cleaning products; you can often get more for less money when you buy a product in a bigger size at a larger store.

It’s made with harmful toxins. Check all health and beauty products for toxic and carcinogenic ingredients.

You don’t need it. A dollar spent on something you don’t need is a dollar wasted.

It’s made super-cheaply. If it’s going to break during the first day of use, or even the first hours, leave it in the store.

It isn’t food-safe. Check all products that will come into contact with food, like serving platters or dishes, for a label that proclaims them food-safe.

It’s expired. Be careful to check the “Sell by” date on candy and other foodstuffs so you’re not paying for expired products.

Learn how to shop smart at the dollar store and you’ll go home with true bargains!

Your Turn:What are your favorite dollar store picks? Tell us all about it in the comments!

Cash is so overrated. Why fumble through wads of crumpled bills and piles of change when you can easily pay back the $6.75 you borrowed from your friend simply by using your phone?

Peer-to-peer (P2P) payment systems are changing the way we handle our money and our social finances forever. Eating out and splitting the tab is super-easy. Collecting money for a shared gift is no longer a hassle. Paying back borrowed money can be done anywhere, and at any time.

First popularized by PayPal, the world of P2P systems has exploded. Many financial institutions Advantage One, offer the option of P2P payments between members, and lots of social media platforms let you transfer money between friends as well. However, the most popular way to pay a friend back is through money transfer apps like PayPal’s Venmo, Square’s Cash App and Zelle. In fact, according to eMarketer, the total value of mobile P2P transactions in the U.S. could increase from $156.49 billion to $244.03 billion from 2018 to 2021.

Are P2P payments really the wave of the future, or just the latest hype? Read on for all your questions on P2P payment systems, answered.

How do P2P payments work?
Say you’re eating out with a bunch of friends and your pal, Meghan, offers to cover the tab and have everyone pay her back. She hands her card to the server while you and your friends pull out your phones. You’ll open up the cash-transfer app of your choice and find Meghan in your contact list. Just key in the amount you owe and send. You may have to input your PIN or prove your identity in another way before the transaction is finalized. Within seconds, Meghan will get a notification that the money’s been sent. Once the funds actually transfer, Meghan can choose to leave them in the P2P account until it’s her turn to pay, or she may move the money to a checking account at the financial institution of her choice.

Will it cost me to transfer money?
Depending on the service provider you use, there may be a fee for transferring money through your phone.

Most P2P systems will allow you to make a payment from a linked financial account or directly into the P2P account at no cost. However, several providers will take 2-3 percent of any payment made with a debit or credit card. Also, if you want your transfer to happen immediately, you’ll usually have to pay: Square Cash will charge a 1.5 percent fee while Venmo takes a flat $0.25 for every instant transfer.

How long will it take for the money transfer to clear?
Your friend will receive notification of your payment soon after you hit the send button. However, the actual money transfer usually takes one to three business days to clear. As mentioned, if you really need that transfer to clear your account immediately, most providers allow you to pay a small fee to make that happen.

Are P2P payments safe?
All P2P systems are careful to encrypt your financial information and to use security measures for protecting your funds. However, these measures aren’t foolproof. Many P2P systems have been targeted by hackers and scammers.

Protect yourself from P2P scams by taking the following steps:

Use two-factor identification and a PIN before completing a transaction.

Asked to be notified about every transaction.

Never use a P2P service for business purposes or for a money transfer with someone you don’t personally know.

Triple-check your recipient’s information before you send a payment; a misspelled email address could send your money to the wrong person.

If something goes wrong with a P2P payment, who is responsible for covering the loss?
Unfortunately, if you’ve been scammed or have had another issue with a P2P payment, you’re on your own. Most services will offer their assistance to law enforcement agencies and notify users if they’ve been scammed, but that’s usually the extent of their fraud protection.

If you choose to use your P2P payment service for a business-related transfer, fraud protection is limited even further. P2P services were created to be a means of transferring funds from friend to friend; most services clearly state in their policies that their platforms should not be used in business transactions. Many consumers, though, choose to ignore these warnings and use Venmo and Square Cash to pay for goods they’ve bought on Craigslist, to sell a used item or even to accept funds for a service they’ve provided.

If you disregard these rules, the service will likely offer no fraud protection or assistance in reclaiming lost funds. Many of them will not even honor a business transaction at all. It’s best to only use P2P payment services among friends and people you know and trust.

Lots of users mistakenly think their financial institution will back them up if a P2P payment goes sideways. However, financial institutions like Advantage One are never responsible for a P2P payment transfer. While we never want to see you lose money for a simple mistake or because you’ve been victimized by a scam, there’s not much we can do about it after the fact. For this very reason, we strongly advocate practicing caution when transferring money online or by app.

In short, if something goes wrong with a P2P payment, you’ll be the one who is responsible for the fallout.

When used responsibly, P2P payment transfers can be a super-convenient way for friends to share expenses or pay back borrowed funds.

Your Turn:Do you use a P2P payment system? Tell us all about it in the comments, below.

It can sometimes feel like every decision we need to make revolves around money. How do we spend it? How much should we save? Where should we invest? How much do we need to retire? The endless stream of choices is enough to give anyone a throbbing headache!

Don’t let these decisions throw you into a panic. All you need for simplifying your money management is the proper framework for making smart financial decisions. The soon-to-be-released Making Money Simple provides that crucial framework to learn how to expertly and efficiently navigate your own finances.

Author Peter Lazaroff wants to gift readers with the foundation they need to make the proper personal finance decision in any circumstance or situation they might encounter. His book is a manifesto that will guide you through the ups and downs of your career, major milestones and the path toward growing your wealth. The framework for decisions he outlines in Making Money Simple is strong enough to get you through anything your financial life throws at you, even the most challenging circumstances where there are no hard rules at play.

Read Making Money Simple and you’ll be empowered to create your own plan for financial success, drawing on proven wealth management techniques and real-life strategies. You’ll learn about core economic principles and expert-level investing practices. You’ll study financial topics of every kind and read Lazaroff’s advice culled from his years as chief investment officer of a multibillion-dollar wealth management firm. And finally, you’ll be empowered with the tools you need to make managing your personal finances simple.

You don’t need detailed spreadsheets or complicated investment strategies to get your financial life in order; you simply need a process to help you understand your finances and make them manageable.

Making Money Simple will show you how to:

Create financial goals and plan for your future.

Understand the three core elements of building a strong financial house.

Implement effective investment strategies.

Learn the 10 questions to ask when hiring financial professionals of any kind.

Making Money Simple will help you achieve financial wellness and secure your future success.

Your Turn:Do you think money management can truly be simple? Or, will personal finances always be challenging to navigate? Share your thoughts with us in the comments.

P2P payment services, like Venmo, Zelle and Square’s Cash App, are aiming to make cash obsolete – and some would contend they’re succeeding! Just a few quick swipes, and you can transfer funds to a friend, pay for an item you bought online or collect money that’s owed to you.

Convenient as they are, P2P payment systems have unfortunately become a breeding ground for scams and hacks. From compromised accounts to fraudulent transactions, using a P2P service opens you to some risk of losing your money to a scammer.

Read on to learn how to better protect yourself from a P2P payment scam.

How do P2P payment scams happen?There are lots of ways using a P2P payment system can put you at risk, but the following two vulnerabilities are most common:

1.) The bogus buyerIn most cash-transfer apps, when you receive a payment, the money goes into your P2P system balance and stays there until you transfer it to an external account or use it to pay for another transaction. This transfer usually takes one to three business days to clear. Crooked scammers are taking advantage of that “float” in the transfer process to con you out of your money.

Here’s how it works:A scammer will contact you about an item you’ve put up for sale or tickets to an event. Together, you’ll arrange for an exchange of funds and goods. You may even take precautions against a possible scam by insisting on an in-person meeting for the exchange or refusing to send out the item until you see the money in your P2P account. Things proceed according to plan. You’re notified that the money has been sent to your account and you hand over your item. Sadly, you won’t realize you’ve been ripped off until a few days later when the money transfer does not clear and the contact has disappeared with your goods. Unfortunately, there’s no way you can get your money back, because most P2P providers will not offer compensation for a fraudulent sale. Similarly, your linked financial institution bears no responsibility for the scam and can’t help you recoup the loss.

2.) Publicized paymentsPayPal’s Venmo is the only P2P app with a built-in social networking component. This feature has led to a host of privacy issues that have been brought to the attention of the Federal Trade Commission (FTC).

In short, every Venmo transaction you make is up for public scrutiny. No one can access the payment amounts, but anyone who is interested can track the restaurants where you like to eat, the clothing stores you most frequent and check out when you last filled your gas tank. Creepiness factor aside, all that information going public makes Venmo users super-vulnerable to scammers and identity thieves.

Venmo allows you to tweak your privacy settings to keep your information from going public, but most people are unaware of the issue and/or neglect to take this measure. Recently, the FTC ruled that Venmo must make this detail clearer to users. Venmo has since created a popup tutorial for all new users demonstrating how to adjust your privacy settings to keep your transactions from going public. If you choose to use Venmo, check your settings to be sure your money habits aren’t being broadcast for the world to see.

Protecting yourselfYou can keep your money safe and still enjoy the convenience of cash-transfer apps with these simple steps:

Only send money to people you know and trust.

Never use a P2P service for business-related transactions.

When using Venmo, adjust your privacy settings and opt-out of public tracking.

Carefully read the terms and conditions of a P2P service before using.

If the majority of your outstanding debt is credit card debt, you may be spending hundreds of dollars just on interest alone. Aside from wasting money, this keeps you from moving forward and paying down your debt.

Most people don’t know you can call up a credit card company and negotiate for a lower APR. Take the time this month to do that. Explain that you are working on paying down your debt and that the interest payments are impeding your progress. You can even research competing cards and cite their interest rates in a bid for a lower APR from your current credit card company.

Lowering your interest rates will allow you to make another real step toward getting rid of debt.

Your Turn:Have you ever negotiated for a lower APR on your credit cards? Share your success stories with us in the comments!